Why You Need Flood Insurance

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Home Contents Insurance

If you live in an area that has flooded or has been designated at flood risk by the Environment Agency, then you will need specialist Flood Insurance to make sure you are paying a realistic price and have the right level of cover.

 

Flooded previously, then Flood Insurance is needed

If you have flooded in the past, then you will need flood insurance now. The fact is that most standard home insurance policies will not cover flood damage right now. That means you need a specialist broker that will understand what happened, the chances of it happening again and deliver a policy that will provide cover for you at a sensible price with realistic excess.

 

There is no escaping this sort of insurance if you need it.The only alternative is to self-insure and with flood claims potentially costing tens of thousands of pounds, that is not an option for many.

 

Never flooded but in an at risk flood postcode area?

This is where you may never have flooded but the Environment Agency has designated your postcode as at risk. Again, to get the right cover and realistic price and excess, you will need a specialist broker to quote for your home insurance. This may seem unfair and in many cases it is nonsensical,but the Government has adopted the broad-brush approach and rather than fight it you must get the right insurance. Fortunately, specialist Flood Insurance brokers understand the situation and can quote accordingly.

 

If you have never flooded, your property is a mile from any watercourses and sits thirty metres higher than those around it, then they will take all that into account and you will pay a price for Flood Insurance that is very similar to standard home insurance. That’s the beauty of working with expert insurance providers.

 

What about Flood Re?

Flood Re is the Government and Insurance Industry initiative to bring flood insurance into standard home insurance. This is where flood claims will be met by a special fund set up by the two parties. The idea is a hike of around £10 on every property insurance policy will cover the resulting claims costs.

 

This has not been implemented yet and the practicalities of the claims process and actual impact on loss ratios are yet to be determined.Expect this to settle down and become a potential for Flood Insurance in late 2015 or 2016. In the meantime, good flood insurance specialist providers are your best avenues for the right insurance at the right price.

 

What will flood insurance cover?

Flood insurance once you have it acts like a normal home insurance policy, offering protection against financial loss against buildings and contents. You will need to know the rebuild value of the property and how much your contents are worth to get an accurate quote.

 

Can you do anything to reduce the cost of Flood Insurance?

Yes, you can mitigate the cost of Flood Insurance by fitting flood defence barriers or by proving the Government has undertaken significant flood defence works in the local area. Both of these will reduce the effect and risk of future floods and will help the specialist broker to reduce the cost of your insurance.

 

Jason McClean is a Director at the Property Insurer - The Property Insurer works by asking you to fill in one form that takes less than two minutes to complete and then delivers three of the best Flood Insurance providers in the UK that will fight for your business so you can compare prices and policy cover.

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